As a realtor specializing in Greek real estate, I’m thrilled to share exciting news about the thriving property market in Greece. 🇬🇷 The opportunity for foreign investors and buyers is more promising than ever. Let’s explore why:
1. Real Estate Prices Continue to Soar In the first quarter of 2023, according to data from the Bank of Greece, apartment sales prices surged by an impressive 14.5%. This upward trend builds on the strong momentum of 2022, where prices rose by an annual average of 11.7%. 🔥
2. Geographic Variation These price increases aren’t uniform across Greece. In Athens and Thessaloniki, prices increased by 16.5% and 16.1%, respectively, in Q1 2023 compared to the same period last year. Other major cities and regions also saw substantial growth. Athens, with its rich history and cultural attractions, remains a prime location for investment. 🏛️
3. Still Attractive Prices Despite recent increases, Greek real estate prices remain competitive compared to many other European countries. Greece experienced a price reduction of up to 42% during the crisis, but since then, the market has recovered about 85% of those losses. Today, we are only about 12% below 2008’s peak prices. This means that Greece offers a unique opportunity for investors who missed out on the property price rally seen in other parts of the world. 🌍
4. Attractive Returns The Greek real estate market continues to offer attractive returns, averaging around 6%, even in the residential sector. This is significantly higher than returns in other European countries. 📈
5. Banking Sector Rejuvenation Additionally, the Greek banking sector is making a remarkable recovery. With Greece on the cusp of returning to investment grade, the stage is set for broader investor participation. The stability and profitability of Greek banks are improving, making it even more appealing for investors. 💼
If you’re considering investing in Greek properties or have any questions about the market, don’t hesitate to reach out to me. I’m here to provide expert guidance and help you capitalize on the opportunities in this dynamic real estate market.
Let’s make your Greek property investment dream a reality! 🤝
Gregory Ando
Luxury Property Consultant, Crafting Impactful Experiences
